Press Release

VIS Places Sukuk Rating of Agha Steel Industries Limited on Rating Watch - Developing

Karachi, April 20, 2023: VIS Credit Rating Company Limited (VIS) has placed instrument ratings of A+ (Single A Plus) of Agha Steel Industries Limited (ASIL) on ‘Rating Watch-Developing’ outlook. Previous rating action was announced on December 13, 2022.

The instrument rating has been placed on ‘Rating Watch- Developing’ on account of intention to exercise the call option on the Sukuk for full prepayment of the outstanding amount. Principal installment due in April 2023 remains outstanding and shall be a part of early repayment amount, which is expected to be settled through the call option. With the curing period being in effect, the Company is under process of arranging funds for early repayment of outstanding Sukuk. VIS will continue to monitor developments in this regard.

ASIL has outstanding entity ratings of ‘A/A-2’ (Single A/A-Two) with a ‘Negative’ Outlook as of December 13, 2022.

For further information on this rating announcement, please contact Ms. Asfia Aziz (Ext: 212) or the undersigned (Ext: 201) at 021-35311861-71 or email at

Sara Ahmed

VIS Entity Rating Criteria: Corporates (August 2021)

Information herein was obtained from sources believed to be accurate and reliable; however, VIS Credit Rating Company Limited (VIS) does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information.VIS , the analysts involved in the rating process and members of its rating committee do not have any conflict of interest relating to the rating(s)/ranking(s) mentioned in this report.VIS is paid a fee for most rating assignments. This rating/ranking is an opinion and is not a recommendation to buy or sell any securities. Copyright 2023 VIS Credit Rating Company Limited . All rights reserved. Contents may be used by news media with credit to VIS .

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